Brazilian Subnational Governments’ Debt: An Analysis Based on the Fiscal Federalism View

Authors

  • Janilson Antonio da Silva Suzart Universidade de São Paulo

DOI:

https://doi.org/10.21118/apgs.v5i2.4461

Keywords:

Federalismo Fiscal, Endividamento, Finanças Públicas

Abstract

This study aimed to identify whether the Brazilian subnational governments could be considered independent of the national government regarding their debts. One of the motivations was to explore the theme of the Brazilian government debt, taking into account the convergence of the Brazilian accounting standards in the public sector to the IFAC standards. Thus, regressions were performed with the use of structural models. The net debts disclosed by the Central Bank of Brazil were analyzed individually to the federal government, and to the state governments and municipal governments, on a consolidated basis, from January 2000 to December 2010. The conclusion is that the federal government debt exerts influences on the state government debts, directly, and on the municipal government debts, indirectly.

Keywords: Fiscal Federalism; Debt; Public Finances.

Downloads

Download data is not yet available.

References

Banco Central do Brasil. (2008). Finanças públicas: sumário dos planos brasileiros de estabilização e
glossário de instrumentos e normas relacionados à política econômico-financeira. 6 ed. Brasília,
BACEN.
Brasil. (1988). Constituição da República Federativa do Brasil. Diário Oficial da República Federativa
do Brasil, Poder Executivo, Brasília, DF, 05 out. 1988.
Brasil. (2000). Lei Complementar n.º 101, de 04 de maio de 2000. Diário Oficial da República
Federativa do Brasil, Poder Executivo, Brasília, DF, 05 mai. 2000.
Conselho Federal de Contabilidade. Contabilidade pública: técnica – perguntas frequentes. Retrieved
20 dezembro 2011, from http://www.cfc.org.br/conteudo. aspx?codMenu=118&codConteudo=5935.
Dickey, D. A. & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit
root. Econometrica, 49(4), 1057-1072. doi: 10.2307/1912517
Gil, A. C. (2010). Como elaborar projetos de pesquisa. 5 ed. São Paulo: Atlas
Harvey, A. C. & Shephard, Neil. (1993). Structural time series models. In Maddala, G. S., Rao, C. R.,
& vinod, H. D. Handbook of statistics 11: econometrics (techniques and instrumentation in analytical
chemistry). Amsterdam: Elsevier, 261-302.
Hyman, D. N. (1999). Public finance: a contemporary application of theory to policy. 6a ed. New York:
The Dryden Press.
International Federation Accountants. (2011). Handbook of international public sector accounting
pronouncements. v. 1. New York: IFAC.
Keynes, J. M. (1936). The general theory of employment, interest and money. Retreived 25 fevereiro
2008 from http://etext.library.adelaide.edu.au/k/k44g/k44g .html.
Kwiatkowski, D., Phillips, P. C. B., Schmidt, P., & Shin, Y. (1992) Testing the null hypothesis of
stationarity against the alternative of a unit root: how sure are we that economic time series have a
unit root? Journal of Econometrics, 54, 159-178. doi:10.1016/0304-4076(92)90104-Y
MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal
of Applied Econometrics, 11(6), 601-618. doi:10.1002/jae.2295
Musgrave, R. A. (1961) Approaches to a fiscal theory of political federalism. In: Universities-National
Bureau. Public finances: needs, sources, and utilization. 97-134. Retrieved 13 outubro 2011 from
http://www.nber.org/chapters/c2274.
Musgrave, R. A & Musgrave, P. B. (1980). Finanças públicas: teoria e prática. São Paulo: Edusp.
Silva, M. S. (2005). Teoria sobre o federalismo fiscal: notas sobre as contribuições de Oates,
Musgrave, Shah e Ter-Minassian. Nova Economia, Belo Horizonte, 15(1), 117-137.
Tanzi, V. (1995). Fiscal federalism and decentralization: a review of some efficiency and
macroeconomic aspects. In: Annual World Bank Conference on Development Economics, 1995,
Washington: The World Bank, 295-315.

Downloads

Published

2013-03-27

How to Cite

Suzart, J. A. da S. (2013). Brazilian Subnational Governments’ Debt: An Analysis Based on the Fiscal Federalism View. Administração Pública E Gestão Social, 5(2), 44–53. https://doi.org/10.21118/apgs.v5i2.4461

Issue

april-june 2013: 5(2), 43-87

Section

Articles

License

Authors who publish in the Journal of Public Administration and Management Social (APGS) must agree to the following terms:

• Authors retain copyright and give the journal the rightof first publication with the work simultaneously licensed underthe Creative Commons Attribution License, permitting sharingwork with the recognition of the work of authorship and publicationstarting in this journal.

• Authors have authorization to assume additional contractsseparately for non-exclusive distribution of the work releasepublished in this journal (eg. publish in institutional repositories oras a book), with an acknowledgment of its publicationstarting this journal.

• Authors are permitted and encouraged to post theirwork online (eg, in institutional repositories or on their websitepersonnel) at any point before or during the submission process, asit can generate criticism and helpful suggestions, as well asincrease the impact and citation of published work.

• Authors reserve the right of the editors of this journal to make in theoriginal works, alterations of normative order, orthographic andgrammatical, aiming at complying with its editorial policy and keep thedefault cult of language, respecting, however, the authors' style.

• Authors assume exclusive responsibility for their opinionsgiven in the articles published in this journal.